June 25 - Advantage Systems, a provider of accounting and financial management tools for the mortgage industry, has announced that Memphis, Tenn.-based lender, Evolve Bank & Trust, utilized its Accounting for Mortgage Bankers system to support the company’s 25 percent increase in loan volume and enhance regulatory compliance since November 2012.
Advantage System’s web-based reporting solution enables Evolve to provide its managers with detailed loan level data, such as branch profit and loss reporting, in real time and eliminates the need to send out monthly financial reports to individual loan production offices. Since launching the accounting solution in November 2012, Evolve was able to grow its loan volumes and increase the quality of its financial data without adding additional accounting staff. Evolve also leverages AMB’s Commission Calculation Module to automate its commission calculation process, which increases accuracy and enhances regulatory compliance. AMB’s loan level data enables Evolve to evaluate profitability in real time by office, loan type or loan officer.
“AMB’s system enables us to provide our managers with detailed financial data faster so they can do their jobs more efficiently,” said Candy DeBord, mortgage division controller at Evolve Bank & Trust. “Automating our accounting processes reduces our compliance burden and enables us to focus on growth and profit rather than manual processes.”
“Lenders that want to grow revenues need to be as efficient as possible, which means fully automating accounting processes or companies risk impeding that growth,” said Brian Lynch, president of Advantage Systems. “Evolve Bank & Trust’s executive team has done an excellent job of growing their business and having the right accounting system helped.”